The Life Insurance Association, Singapore (LIA Singapore) has reported that over S$10.6b was disbursed in life and health insurance claims and maturity benefits in the first half of 2026. This includes S$1.14b for critical illness, death, and total permanent disability claims, S$1.45b for individual health policies, and S$8.02b for matured policies, reflecting robust financial planning by policyholders.
The life insurance sector experienced a 21.4% year-on-year increase in total weighted new business premiums, reaching S$3.63b. This growth was driven by a stronger economic climate, with investment-linked policies (ILPs) and participating policies seeing significant uptake. ILPs, offering both insurance protection and market-linked returns, saw a 24.2% rise in premiums, whilst participating policies increased by 25.4%.
Health insurance coverage remained stable, with 3 million Singapore residents—approximately 70%—covered by Integrated Shield Plans (IPs). In Q2 2026, around 77,000 IP rider policies were adopted, indicating a continued emphasis on comprehensive healthcare protection.
Advisory-led channels were pivotal, with Financial Adviser Representatives and Tied Representatives accounting for 79.4% of new policies. The former saw a 35.9% increase in new business premiums, highlighting the importance of personalised financial advice.
LIA Singapore President Wong Sze Keed noted, “The stronger economic environment in the first half of 2026 may give many Singaporeans greater confidence to take a longer-term view of their financial resilience by investing for their future.” The industry anticipates continued growth as Singaporeans focus on both protection and wealth management needs.
